CBS says Leslie Moonves will not receive $120 million severance

CBS Corp., battered by scandal and facing a leadership vacuum, said its former chief executive, Leslie Moonves, misled the company about multiple allegations of sexual misconduct and tried to hide evidence as he made a frenzied attempt to save his legacy and reap a lucrative severance. He will be fired for cause and, as a result, not receive his $120 million exit payout.

“We have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the company’s investigation,” the CBS board said Monday.

The board, which met over several days last week, came to its decision after reviewing information gathered by lawyers hired by the company to investigate claims against Moonves, who was forced out in September, as well as the broader workplace culture at the network.